Shares of Max Financial Services will be in focus in FridayтАЩs trade as brokerage Emkay Global has assigned a target price of Rs 850 apiece. This amounts to an upside of 36% to WednesdayтАЩs closing price of Rs 626.95 on BSE. The midcap financial services stock closed 3.07% higher at Rs 626.95 on March 29 on BSE. The stock hit an intraday high of Rs 631.7, rising 3.85% on BSE.
Market cap of the firm rose to Rs 21636 crore. Earlier, the stock opened lower at Rs 607.90. Max Financial shares stand lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Stock of Max Financial has lost 15.27 per cent in a year and fallen 7.45 per cent in 2023. The share hit a 52-week high of Rs 884.70 on August 1, 2022 and a 52-week low of Rs 604.40 on March 28, 2023.
Total 30.35 lakh shares of the firm changed hands amounting to a turnover of Rs 184.17 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Max Financial Services stock stands at 38.5, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.9, indicating low volatility in a year. Max Financial Services stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In the third quarter of the current fiscal, the firm reported a stellar 200% rise in net profit to Rs 224.94 crore against Rs 74.86 crore in the corresponding quarter of the previous fiscal. Sales rose 28% to Rs 8895.52 crore in Q3 against Rs 6953.99 crore in the December quarter of the previous fiscal. EBITDA zoomed 190% to Rs 322.25 crore against Rs 111.11 crore in Q3 of the previous fiscal.
For the nine months ended December 2022, the firm logged a 145% rise in net profit to Rs 332.59 crore against Rs 135.69 crore in the corresponding period of the previous fiscal.
However, sales slipped 3.3% to Rs 21,483 crore for the nine months against Rs 2221.14 crore for the nine months ended December 2021. EBITDA growth came a strong 94% at Rs 486.97 crore against Rs 251.11 crore in the nine months ended December 2021.
Max Financial Services Ltd operates as a holding company for Max Life Insurance Company. The company is engaged in the business of investments and providing management advisory services through its subsidiary Max life insurance company. The companyтАЩs segments include Life Insurance and Business Investments.
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